Purchasing power higher during Tet

Hanoi (VNS/VNA) -  Purchasing power during the Tet (Lunar New Year) holiday increased by 10-12 percent from last year and 15-20 percent in comparison with previous months, according to the Ministry of Industry and Trade (MoIT).

The ministry said one of the essential goods served for the holiday was rice. Supplies were abundant and people were keen on buying high-quality products such as Seng Cu, Tam thom, Nang thom cho Dao and Bac Huong.

It was estimated rice reserves increased by 15 percent from the same period last year, and prices stood at 1,000-2,000 VND per kilogramme higher than previous months.

To stabilise rice prices, localities such as Cao Bang, Soc Trang and Dong Nai listed the item in their price stabilisation programme with lower prices of 5 to 10 percent against market rates.

In addition, supplies were topped up from the winter-spring crop in the southern region.

Prices of pork surged before the holiday due to increasing consumption demand and higher breeding costs.

The MoIT said pork supplies this year were higher than in previous years.

Pork prices in the north were lower than those in central and southern regions.

Beef and chicken prices increased at the end of January, but only a small percentage as supermarkets participated in the price stabilisation programme.

Vegetable prices were stable in the holiday thanks to abundant supply, and the price of some fruits fell 5-8 percent from the same period last year.

The ministry said the Vietnam Directorate of Market Surveillance conducted five inspections before the holiday to prevent smuggling, trade fraud and counterfeit goods to ensure food safety in key localities.-VNS/VNA